Are regulators managing market manipulation?
Calpine acquires 1,050-MW combined-cycle plant in Texas; Allete buys AES wind farms; NextEra acquires Silver State solar project from First Solar; plus equity and debt deals involving EdF, Emera, First Wind, SunEdison, AEP, NV Energy and others, totaling $2.7 billion.
NRG and Sempra acquire Edison Mission assets; Google invests in AES-Riverstone venture; TransAlta acquires NextEra wind farm; plus debt issues from TransCanada, NiSource, Duke, and Southwest Gas totaling $2.4 billion.
During the month of June, MidAmerican issued $1 billion in bonds for solar projects in California; PG&E sold $750 million in two tranches; ITC floated bonds totaling $550 million; plus debt issues from Duke, TransCanada, Entergy, and others totaling $4.35 billion.
Entergy acquires Kgen gas-fired plants in Arkansas and Mississippi; TransCanada buys BP share of Alberta gas storage facility; PSE acquires Tenaska plant; AEP issues $850 million in debt; Duke units float $650 million in bonds; plus debt issues by NextEra, Southern Company, Entergy, and others totaling nearly $3.2 billion.
Entergy Mississippi to spin off its transmission business to ITC; Calpine acquires Bosque Power merchant plant in Texas; WPS acquires Fox Energy plant; E.On buys interest in Magic Valley wind farm; plus bond issues by Nstar, Western Mass. Electric, Texas Eastern Transmission, Alabama Power, and NSP totaling $1.55 billion.
Exelon sells plants in Maryland and Cali; Mitsui buys into Viridity; Duke issues $1.2B; plus deals at TVA, Xcel, PG&E, etc. totaling $4.9B.
Lacking regulatory oversight, financial hedges turn into risky speculation.